India reported on Tuesday a fiscal deficit of 4.29 trillion rupees ($62.57 billion) for April-June, or 68.7 percent of the budgeted target for the current fiscal year compared with 80.8 percent a year ago.

Net tax receipts in the first quarter of 2018/19 fiscal year that ends in March 2019 were 2.37 trillion rupees, government data showed.

India expects to trim the deficit to 3.3 percent of GDP this fiscal year, after meeting an upwardly revised fiscal deficit target of 3.5 percent of GDP in 2017/18.